Buying a new home is always a big undertaking, and the current seller’s market can make the process even more challenging. With limited inventory and frequent bidding wars, buyers can feel a natural uncertainty in landing the house you want. Selling your current home before finding your next one can be even more stressful, since you’ll have such a short time to act before your current home settles and you need to move.
For homeowner’s who have equity in their current property and are interested in moving, a Bridge Loan can offer a great solution to take the pressure off while house-hunting!
First Home Mortgage’s Bridge Loan Program offers a short-term loan used to “bridge” the gap between buying your next home and selling your current home, giving buyers the power to purchase a new home before selling their current property.
The benefits of this loan program include:
- Allowing you to place a non-contingent offer on a home before selling your current residence. This is particularly important in today’s “seller’s market”, as it makes your offer more competitive.
- Helping you gain funds for the down payment on your next home before selling your current home (a down payment of 20% or more allows you to avoid costly PMI).
- Avoiding the anxiety of having to find a home to purchase in the short time period after your current home sells and before settlement. With housing inventory at historic lows, and many homes receiving multiple competitive offers, it can be difficult to find your next home in such a short time frame!
Important considerations if you’re interested in this program include:
- The Minimum/maximum bridge loan amounts are $25,000/$300,000.
- The Maximum bridge loan amount is dependent on the equity in the current home as determined by a standard appraisal.
- The Bridge loan is secured on the current home and repayable when the home sells.
- Your current home must be listed for sale or under contract at the time of loan generation.
- This program is offered in conjunction with the mortgage loan on your next property.
- Your departing residence must be located in CT, DE, DC, FL, MD, MA, NC, RI, or VA.
Make the most of the current market with this unique loan offer and reach out today for more information! https://firsthome.com/find-loan-officer/
Income restrictions, minimum credit scores, and other program requirements and qualifications may apply.
